It’s Music City, so apropos.
Kidder Company/Fuerza Financial Chairman and CEO Keith Gredys chose the distinctive beat and guttural guitar riff of the Black Sabbath classic "Iron Man" to begin his presidential acceptance speech at the NAPA 401(k) Summit in Nashville, Tenn.
“Why did I walk in with Ironman? It involves answering two questions,” Gredys told the 2,800 retirement plan industry professionals in attendance. “One, why are we here? And two, why do we do what we do.”
Ironman is prepared to withstand various attacks on the 401(k) that take away the ability for clients to achieve financial independence and enjoy the fruits of their labor.
The vast majority of advisors most likely entered the retirement business by accident, he argued, but they are “very good at what they do.” And each has a different story about how they arrived in their current position, but collectively, represent a significant force.
“NAPA Nation has over 20,000 members representing nearly $3 trillion in assets,” he said. “That is amazing. This group works hard and plays hard. NAPA Nation is a force to be recognized. If there are two takeaways from the conference, I would like it to be answering those two questions; why are we here and why do we do what we do? It can help us determine the future of our industry.”
Gredys said he was first introduced to the tax code with the Tax Reform Act in 1976, “which makes me as old as dirt.,” he said to laughter. “For example, we all know the amount of legal documentation needed for a 401(k)—the plan document, adoption agreement, summary plan descriptions, maybe 100 to 300 pages in length. In the mid-1980s, my trust department had an IRS-approved 401(k) document. It was actually called a Cash or Deferred Arrangement, a CODA. It was a total of 14 pages.”
He emphasized that things changed and will continue to change, and that it’s critical to remember that “Washington gives, and Washington takes away.”
“Things affecting our industry can change quickly, no matter who is in office,” he added, referencing this year’s election. “It can happen again. We are at a point where the U.S. debt is the headline, and the folks in Washington are looking at qualified plan assets as a potential source of funds. Bottom line, the ability for plan advisors to assist our clients will be impacted if we sit and do nothing and our likely roles as trusted advisors will be impacted unless we do something. We need to be able to be our own version of Ironman—and protect our clients' financial futures.”
